After the Trade Is Made: Processing Securities Transactions
The fully updated classic guide to the mechanics of securities processing—a must for professional investors \ This third edition of After the Trade Is Made reflects the changes that have taken place in recent years as a result of new products, technological breakthroughs, and the globalization of the securities industry. Comprehensive and easy to understand, it provides brokers, operations personnel, and individual investors with definitive and up-to-the-minute explanations of...
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Written for both securities industry personnel and individual investors, this new edition of After the Trade is Made reflects the latest changes in the industry - in terms of new products like swaps and collateralized mortgage obligations and how they are processed. It takes you step by step through the entire process of buying and selling a security, from the sales office where the account executive writes the order ticket..to the order room...trading floor...and back again. Along the way it clearly explains the specialized functions and activities of each department in a typical brokerage firm, from the order room to the proxy department; and provides essential background information on everything from underwritings and the over-the-counter market to the role played by commercial banks in international trade. For example, this complete guide to back office operations: *Shows what's involved in opening a new account and how to correctly handle transactions in individual cash, margin, joint, and power of attorney accounts *Illustrates how to enter market, limit, stop, spread, and other types of orders *Supplies real-world examples of how to calculate a bond's nominal and current yield and yield to maturity, determine a customer's excess and buying power in a margin account, and handle other kinds of brokerage math computations *Details how to execute stock exchange orders on a priority, precedence, and parity basis *Explains the differences between firm, subject, and inside quotes in the OTC market and how NASDAQ orders are placed and processed *Gives you key details on common and preferred stock, corporate bonds and notes, U.S. Treasury securities, rights and warrants, commercial paper, CD's, options, futures, mutual funds, and other types of securities *Describes the settlement of trade in foreign markets, including the United Kingdom, Germany, Japan, Hong Kong, and the procedures of the two major international settlement facilities in Europe (Cedal, Euroclear) *Provides examples of key forms and documents, from a page in a specialist's book to a regular way purchase contract and an odd lot order form What's more, easy-to-follow flow charts make crystal clear the workings of the order room, purchase and sales department, margin department, cashiering department, accounting department, dividend department, proxy department, and the new accounts and stock record function. Fully updated and expanded, After the Trade is Made is now more useful and relevant than ever.
IOverview of the industry1IIProducts that we offer27IIIThe marketplaces and order management135IVThe trade-processing system199VMargin271VISettlement329VIICustodial services373VIIIRole of the banks389IXCash accounting397XBrokerage accounting411XIStock record419XIIGeneral ledger437XIIIRegulatory reporting445XIVConclusion453
